In a statement, Nasdaq OMX Group ( NDAQ ) said its Global Index Data Service experienced a “brief disruption of service” Tuesday afternoon and recovered at 12:37 p.m. ET. “The disruption was caused by a human error performing an operational function which resulted in the incorrect delivery of data to the index disruption system,” Nasdaq said. The exchange said the issue didn’t impact its index calculation system nor its equity exchange operations. Individual stocks that trade on Nasdaq such as Apple ( AAPL ) and Microsoft ( MSFT ) didnt appear to be affected by the outage. Still, a spokesman from the Securities and Exchange Commission said the agency is “monitoring developments as appropriate” and has been “in contact with market participants as is our standard practice.” Nasdaq sent an alert to traders at 12:09 p.m. Source: http://www.foxbusiness.com/markets/2013/10/29/nasdaq-suffers-data-service-outage-impacting-indexes-options/

CTC, Rostelecom The Bloomberg Russia-US gauge slipped 0.4 percent to 104.16, paring its advance this month to 7.7 percent. CTC Media Inc. (CTCM) , the Nasdaq-listed Russian television company, rallied 2.6 percent to $12.86, the highest level since April 25. The stock has climbed 22 percent this month, making it the best performer on the Bloomberg-Russia gauge. VimpelCom is the second-biggest gainer on the index this month, followed by OAO Rostelecom (ROSYY) , which has increased 17 percent after two months of declines. Norilsk, the worlds biggest producer of nickel and palladium, said its board of directors recommended paying an interim dividend of 220.7 rubles per share for the period of January through September 2013. Source: http://www.bloomberg.com/news/2013-10-29/nasdaq-addition-seen-boosting-vimpelcom-russia-overnight.html

Nasdaq rises on restart; S&P 500 near record

We are very happy to know that our stock will continue to trade on the NASDAQ exchange, Lime CEO John ORourke says in a statement. It has been a tough 18 months for our stockholders, our employees and our loyal customers. Regaining full compliance with NASDAQs requirements for continued listing is another important step in the return to normal operations for the company.” Lime’s operations have not been normal for a long time. The Huntersville-based company is in the midst of reorganizing, seeking to strengthen its executive and financial teams to head off future financial issues. Cost-cutting and divesting businesses have left the company at 160 employees, down from 274 last year. Source: http://www.bizjournals.com/charlotte/blog/power_city/2013/10/nasdaq-has-sweet-news-for-lime-energy.html

CFFEX Chairman Zhang Shenfeng and NASDAQ OMX Vice Chairman Sandy Frucher signed the MOU. “In recent years, CFFEX has been exploring its global strategy, which includes learning from the experience of overseas markets, strengthening cooperation with them and exploring development opportunities,” said Zhang Shenfeng, Chairman, CFFEX. “CFFEX and NASDAQ OMX have previously cooperated, and this new MOU can be seen as an opportunity to explore other areas of cooperation for the mutual benefit of each exchange.” According to the MOU, CFFEX and NASDAQ OMX will carry out extensive cooperation regarding technology, consultation, information sharing, staff training and explore opportunities for cooperation to promote collaborative business projects. “We are excited to sign the MOU with CFFEX, hoping that this will strengthen the relationship between NASDAQ OMX and the China financial futures market to create more cooperation in the market,” said Sandy Frucher, Vice Chairman, NASDAQ OMX. “We will continue exploring more cooperative business opportunities between CFFEX and NASDAQ OMX for ongoing mutual benefits and common development.” About China Financial Futures Exchange: With the approval of the State Council and the authorization of China Securities Regulatory Commission (CSRC), China Financial Futures Exchange (CFFEX) was jointly founded by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange on September 8, 2006 in Shanghai. The establishment of CFFEX is of strategic significance to deepening reform of the financial market, perfecting the financial market system, and exercising the function of the financial market. Source: http://online.wsj.com/article/PR-CO-20131029-906375.html

In its accompanying policy statement, however, the Fed is likely to keep its options open about any tapering of its purchases before the end of the year. The decision is expected after the meeting ends on Wednesday. Click to Play Google joins smartwatch race Google’s smartwatch is in late-stage development and the device, which will run on Android, will be integrated with Google Now, the companys digital assistant. The WSJ’s Yun-Hee Kim speaks with Eva Dou about what to expect from Google’s smartwatch. In September, market participants expected the policy makers to start scaling back the $85-billion-a-month asset-purchase program, but the central bank surprised by waiting for more evidence go!! of an economic recovery before pulling the tapering trigger. With [Chairman] Ben Bernanke now in the autumn of his tenure at the Fed and no press release scheduled for this meeting, the overwhelming consensus is that nothing will happen on the taper front. Source: http://articles.marketwatch.com/story/us-stocks-gain-as-pfizer-boosts-dow-2013-10-29?link=MW_story_latest_news

This maximizes late fees and can exacerbate the negative impact of a single late payment to the borrowers credit profile, Chopra said. Borrowers also encountered problems when their loans were transferred to another servicing company. These complaints included lost paperwork, processing errors that resulted in late fees and interruptions to routine communication, such as billing statements. For this report, the CFPB analyzed more than 3,800 complaints about private student loans received between Oct. 1, 2012, and Sept. Source: http://www.today.com/money/student-loan-borrowers-face-payment-processing-pitfalls-8C11415970

Student Loans Discharged in Bankruptcy

It can take two decades to pay off a student loan, especially if using the extended payment plan. Many young people have found themselves in a world of trouble and debt now that they have graduated and their first real job may not be paying the bills. They don’t want to default on their student loans. Some are turning to drastic measures like selling plasma or working extra part-time jobs at minimum wage just to make the monthly bills. Others are using the world’s online marketplace to hold a virtual garage sale 24/7, and making money doing it. Where do you find things to sell on eBay? Source: http://www.examiner.com/article/how-to-pay-off-student-loans-learn-to-sell-unwanted-junk-on-ebay

Under Section 523(a)(8), student loans are not dischargeable unless they impose an undue hardship on the debtor, which the debtor bears the burden of proving by a preponderance of the evidence. While undue hardship is not defined by the Bankruptcy Code, the BAP said that in the Eighth Circuit, a totality of the circumstances test is used. The BAP said that this test has three factors, which are: (1) the debtors past, present, and reasonably reliable future financial resources; (2) the debtors reasonable and necessary living expenses; and (3) any other relevant facts and circumstances. The debtor stipulated that her income, which fluctuated due to seasonal hours of operation at one of her jobs, was between $1,379 and $2,040 in 2012. She argued that her income was unlikely to increase in the future and testified that despite sending out more than 200 job applications she had been unable to find full-time employment commensurate with her education level. However, the bankruptcy court found the debtor to be articulate, poised, intelligent, and quite capable and concluded that she had ample to time to find the financial resources to pay NCSLT in the future. Source: http://www.examiner.com/article/student-loans-discharged-bankruptcy

The entire process of paying off loans early is fraught with confusion on where the money goes after the borrower turns it in to the servicer. Borrowers often have several loans that they consolidate into a single account. The loans have different balances and interest rates. It would make financial sense for the borrower to pay off the loans president Obama on student loans with the highest interest rate first. But even when they send payments with explicit instructions to that effect, the servicer often does not follow the instructions, applying the payments in any way it sees fit. Source: http://www.salon.com/2013/10/23/paging_elizabeth_warren_student_loan_providers_are_likely_screwing_you_over/

Oct. 17 had the biggest daily inflow in a month. Month-to-month swings in ETF flows totaled more than $53 billion since June, about six times the 13-year average, data compiled by Bloomberg show. Fluctuations are tracked by comparing outstanding shares (REGN) in the funds, which change as demand from investors rises and falls, with their prices, which are pegged to an underlying index or asset. Stock Flows Funds that specialize in U.S. stocks received $12 billion in October after $14 billion last month. Source: http://www.bloomberg.com/news/2013-10-21/etfs-churning-most-cash-ever-as-47-billion-flows-back-to-market.html

The First Trust US IPO Index ETF (FPX.P), for example, is up roughly 33 percent year-to-date. The new Renaissance ETF has an expense ratio of 60 basis points, roughly a fourth of the cost of its mutual fund cousin, the Renaissance Global IPO Plus Aftermarket Fund (IPOSX.O), which has an expense ratio of 2.5 percent. In an actively managed mutual fund, a manager can select stocks and request IPO shares ahead of time to build positions, instead of passively tracking an index. The Renaissance IPO Index, which the new ETF tracks, includes common stocks, depository receipts and operating units of newly public U.S. companies. Source: http://www.reuters.com/article/2013/10/16/us-renaissance-etf-idUSBRE99F0NL20131016

AllianceBernstein LP even went so far as writing to clients that BlackRock was suffering from a case of Vanguarditis. That apparent sickness turned into a cure for investors, though, as the fading market share led BlackRock officials to realize that the firm could do more to serve classic buy-and-hold investors. Thus the launch of the Core series. We pay attention to what competitors are doing, but I wouldn’t say it drives our behavior, said Sue Thompson, head of the registered investment adviser group at BlackRock. The idea behind Core was to make it easier for financial advisers and retail investors to choose ETFs for their portfolios, Ms. Source: http://www.investmentnews.com/article/20131020/REG/310209984

Investors seemed absolutely certain that a default would not happen, so there was plenty of hope fuel for the fire. The leading sector ETF for the week was the Energy Select Sector SPDR ETF Fund (NYSEARCA:XLE) which rose 3.14%, and the runner up sector ETF was theFinancial Select Sector SPDR Fund ETF (NYSEARCA:XLF)which rose 2.58%. For now we are likely looking at higher prices ahead, unless of course Congress befuddles markets once more. Sector ETF Update: Consumer Discretionary Select Sector SPDR Fund ETF (NYSEARCA:XLY): +2.06%, This ETF tracks the Consumer Discretionary Select Sector Index which includes media, retail, hotels, leisure, and restaurants. Sector SPDR Trust SBI Interest ETF (NYSEARCA:XLK): +2.43%, This ETF tracks the Technology Select Sector of the S&P 500 Index which includes companies in computers, semiconductors, telecommunications, and wireless. Source: http://wallstreetsectorselector.com/2013/10/sector-etfs-surge-sector-etf-spotlight/

Jim Colby, a senior municipal strategist at Van Eck, told Bloomberg the ETF could debut later this year or next, depending on feedback from the SEC. Puerto Rico munis have risen to infamy this year as the S&P Municipal Bond Puerto Rico Index is flirting with a year-to-date loss of 20% compared to a decline of around 1% for the S&P Municipal Bond Index. Puerto Rico, a territory of the U.S., has $70 billion in munis outstanding and those bonds have the lowest possible investment grade rating. [ BlackRock Cautious on Muni Bond ETFs ] The commonwealths bonds have rallied since officials gave a webcast briefing for investors on Oct. 15 in which they said the territory has sufficient funding to avoid borrowing before June 30, according to Bloomberg. Source: http://finance.yahoo.com/news/believe-puerto-rico-muni-etf-110009694.html

A report from Standard & Poors on Thursday, suggesting that fourth quarter GDP would expand 0.6 percent less than previously anticipated as result of the government shutdown, raised expectations that the Federal Reserve would delay the taper of its bond purchases. Those expectations were confirmed by Thursday afternoons report from The Wall Street Journals Jon Hilsenrath entitled, Fed Unlikely to Trim Bond Buying in October. The likelihood that quantitative easing would continue at full strength for the foreseeable future weakened the dollar against the euro. On Thursday and Friday the euro came close to hitting its 2013 high of $1.3710, which was reached on February 1. The 17-nation currency reached a high of $1.3682 on Thursday and climbed as high as $1.3699 on Friday. After, the FOMCs September 18 decision against the Septaper, FXE broke through the overhead resistance FXE had been experiencing at $133. This ETF has been trading above that level for twenty-four consecutive days. Fridays 0.01 percent advance to $135.37, allowed FXE to finish the week with a 0.96 percent advance, remaining 1.96 percent above its 50-day moving average of $132.76. FXEs big gains on Thursday and Friday broke the head and shoulders pattern which had formed on the FXE chart. Usually, a rise above the neckline breaks the pattern. On Thursday, we saw FXE rise well above the top of the head, where it remained on Friday. The Relative Strength Index for FXE rose to 66.69 from last Fridays close at 58.31. The MACD just crossed above the signal line, suggesting that FXE should continue to advance during the immediate future. Source: http://wallstreetsectorselector.com/2013/10/euro-gets-big-boost-weekly-currency-etf-report/

Keep in mind though that this is just another symptom of Fed induced price distortions. Buying after inflationary policy has pushed prices into the stratosphere can be very dangerous. (click to enlarge) A long term NDX wave count since the year 2000 mania peak, via B.A. Mutual Fund Cash Levels Lastly we show a recent chart of the cash-to-assets percentage of mutual funds. In spite of large inflows this year, this percentage (at 3.8%) remains only a tiny bit above its all time low recorded in 2011, and remains below the low recorded in March of 2000 (4.2%), which in turn was an all time low at the time. Source: http://seekingalpha.com/article/1737392-u-s-stock-market-the-rebound-gamblers

The futures markets arent perfect, but I was the president of our U.S. futures market for seven years and I never once had anybody complain about liquidity, Farley said today. There are whole conferences dedicated to the issue in equity markets. Reg NMS should be reconsidered, SEC Commissioner Daniel Gallagher said last week. Its a prime candidate for a retrospective review, he told the Security Traders Association market structure conference on Oct. 3. Source: http://www.bloomberg.com/news/2013-10-08/stock-market-too-complex-for-official-at-nyse-s-soon-to-be-owner.html

How the stock market learned to love the web again

Five years later, the payoff on those deals is becoming clear: $10 billion and counting. But thats not all that calendar watchers are thinking about: They also are on heightened alert for trend changes at any time this month. Thats because October has the reputation for being one in which an above-average number of trend changes occur. As noted in the Stock Traders Almanac, October is known both as the jinx month as well as a bear killer. The reason for the former reputation, according to the Almanac, is because of crashes in 1929, 1987, the 554-point drop on Oct. 27, 1997, back-to-back massacres in 1978 and 1979, Friday the 13th in 1989, and the meltdown in 2008. At the same time, October is known as a bear killer because of the 11 post-WWII bear markets that ended during the month. Government shutdown: Track the latest news out of Washington /conga/story/2013/10/governmentshutdownstream.html 282136 But is there any statistical basis for thinking that October, or Oct. Source: http://www.marketwatch.com/story/the-odds-of-a-stock-market-crash-on-oct-9-2013-10-08

Stock Rules Too Complex to Official at NYSE’s Imminent Owner

Several years ago, a new generation of startups emerged. They were built around new technologies and features like social networking, local e-commerce and mobile apps. In time, the best of these companies listed their stocks on the public markets, and some, like Zynga ( ZNGA ) and OpenTable ( OPEN ), saw their prices rise and then fall. Fewer, like LinkedIn ( LNKD ) won a more durable favor among investors. MORE: 3 ways Twitter’s IPO won’t be like Facebook This year, nearly all public companies relying on web-centric business models are seeing the kinds of rallies that founders dream of when going public. Source: http://tech.fortune.cnn.com/2013/10/07/tech-stock-bubble/

The United States may keep some forces in Afghanistan after the formal end of the war in 2014, if an agreement can be reached with the Afghan government; the U.S. and Iraq were unable to reach a similar deal after the end of the war. Obama told the wire service that “no matter what, by the end of next year, we’ll be finished with combat operations” in Afghanistan. The owner of the Washington Redskins football team should “think about changing” its nickname because it is offensive to some Native Americans. The Associated Press interviewed Obama on Friday, and published the results Saturday. Source: http://www.usatoday.com/story/news/politics/2013/10/05/obama-associated-press-interview-government-shutdown/2926989/

Obama said during a surprise visit to FEMA headquarters in the district. The House should hold that vote today. The president said he is happy to talk to Republicans about budget issues, but not under threat of a shutdown or a government default. Were not going to establish that pattern, Mr. Obama said, urging the GOP to move beyond this manufactured crisis. Speaker John A. Boehner , Ohio Republican, has said there are not enough votes in the House to pass a clean resolution to reopen the government temporarily. Source: http://www.washingtontimes.com/news/2013/oct/7/white-house-takes-tough-line-default-threat/

Obama Says Boehner Is Bluffing: ‘Hold a Vote’

“And so I recognize that in today’s media age, being controversial, taking controversial positions, rallying the most extreme parts of your base — whether it’s left or right — is a lot of times the fastest way to get attention or raise money, but it’s not good for government. It’s not good for the people we’re supposed to be serving.” Thoughts on Iran The AP interview also touched on the question of Iran’s nuclear program and the overtures made last month by President Hassan Rouhani at the U.N. General Assembly meeting in view publisher site New York. “Nuclear weapons and other weapons of mass destruction have no place in Iran’s security and defense doctrine, and contradict our fundamental religious and ethical convictions,” Rouhani told the world body. Obama said the United States should test such overtures. Source: http://www.cnn.com/2013/10/05/politics/obama-interview/index.html

Obama blames Boehner for ongoing government shutdown

Credit: Reuters/Jonathan Ernst By Mark Felsenthal WASHINGTON | Sat Oct 5, 2013 1:16pm EDT WASHINGTON (Reuters) – Saying the U.S. government shutdown was having a “heartbreaking” impact on ordinary Americans, President Barack Obama on Saturday renewed his call on congressional Republicans to end the five-day stalemate and pass a funding bill without conditions. Republicans in the House of Representatives have held firm in their refusal to fund and reopen the government until Democrats agree to delay implementation of Obama’s landmark 2010 healthcare law, also known as Obamacare. In his weekly radio address, Obama ratcheted up the pressure on Republicans, describing the toll the shutdown was having on several people who had either lost access to government services or been temporarily displaced from their jobs. Kelly Mumper, an early education worker with three children in the military, was one of 150 workers who had to stop providing care for 770 children enrolled in an early childhood education facility in Alabama, the president said. “I am extremely concerned for the welfare of these children,” Obama quoted Mumper as saying in a letter she wrote him. Source: http://www.reuters.com/article/2013/10/05/us-usa-fiscal-obama-idUSBRE99403I20131005?feedType=RSS

Obama calls impact of government shutdown ‘heartbreaking’

I believe there are the votes to pass a clean [continuing resolution], Pennsylvania Republican Rep. Charlie Dent said on CNN. Im going to insist the Speaker try to bring out a clean, continuing resolution. Speaking on the House floor later, Boehner said its Obama who is making the shutdown drag on. With a need to increase the debt ceiling or face major economic consequences looming just days away, Boehner said a senior White House official told him Monday that Obama would rather risk a sovereign debt default than negotiate over raising the borrowing limit. The presidents refusal to negotiate is hurting our economy and putting our country at risk, Boehner said. Source: http://swampland.time.com/2013/10/07/obama-says-boehner-bluffing-hold-a-vote/

District Judge Sidney Fitzwater in Dallas is expected to last eight to 10 days, court papers show. Opening statements are expected Tuesday when court resumes. The trial could stretch into mid-October, with breaks. Sixty-four prospective jurors squeezed into the courtroom as jury selection got underway on Monday, filling out three of four audience rows and the jury box. Source: http://www.chicagotribune.com/business/sns-rt-us-sec-cuban-20130929,0,6557033.story

Florida Man Admits Insider Trading for Passing Gilead Tip

Many investors had expected the Fed to start gradually winding down the program, but instead the central bank in its Sept. 18 policy statement said that it would maintain its $85 billion monthly purchases for the time being. The decision led investors to hit the brakes on plans to adjust their portfolios, traders and analysts said, and less activity meant less money for banks’ fixed-income trading desks. “From what I can see, it’s mainly weaker activity levels – activity levels are just very low,” said Richard Ramsden, an analyst who covers banks for Goldman Sachs. Source: http://in.reuters.com/article/2013/09/30/wallstreet-profits-idINL1N0HQ0L120130930

UPDATE 1-Wall St banks likely stung again by bad bond-trading quarter

Schiano deferred to general manager Mark Dominik, then added, “As long as he’s a Buccaneer, then he will be a member of this team and do the things we do.” WEEK 4 TAKEAWAYS: Backup QBs find a spark It’s time to stop that charade. Schiano made it clear with the switch that he doesn’t want Freeman despite contending repeatedly that Freeman gave the Bucs their best chance at winning and there’s no turning back now. Freeman was the starting quarterback for the first three games one of which would have been won without a boneheaded penalty by linebacker Lavonte David , another that might have been won if Rian Lindell hadn’t missed a 40-yard field goal. But with Schiano insisting Freeman will “do the things we do,” Freeman wasn’t even deemed worthy to be on the sideline for Sunday’s game. Typically, a former starter would exchange strategical observations with the quarterback between series. There are conflicting versions of how it all went down after Freeman discussed the situation during a Saturday meeting with quarterbacks coach John McNulty and a follow-up session on Sunday with Schiano. Source: http://www.usatoday.com/story/sports/nfl/buccaneers/2013/09/30/tampa-bay-buccaneers-josh-freeman-drug-program/2899379/

Trading Strategies Adopted From NFL QB Peyton Manning & Coca-Cola

Securities and Exchange Commission sued Dowd in January after his arrest by the Federal Bureau of Investigation. The number of people sued by the SEC or charged with insider trading by the Justice Department has more than doubled since 2008, according to data compiled by Bloomberg. There were 56 in 2008, 96 in 2009, 67 in 2010, 104 in 2011 and 125 in 2012. Of those, 22 percent were linked to trading involving health-care stocks. Dowds attorney, Peter Willis, didnt immediately return a call seeking comment. Source: http://www.bloomberg.com/news/2013-09-30/florida-man-admits-insider-trading-for-passing-gilead-tip.html